Asian and European bourses went up a day before the American Presidential polls, as the intervention of governments worldwide seemed to ease fears of a prolonged economic slowdown.
LONDON: After a depressing September and October, Asian and European bourses went up a day before the American Presidential polls, as the intervention of governments worldwide seemed to ease fears of a prolonged economic slowdown.
Asian markets surged as much as seven per cent with the Indian and South Korean benchmark indices making substantial gains, whereas their counterparts in Europe advanced cautiously with Germany's Dax rising marginally in early trading.
On Friday, America's key indices closed in the green, ending an otherwise turbulent October, which witnessed wild swings in markets the world over.
Apart from recessionary fears being pushed into the background, the much-awaited US Presidential elections on Monday also seemed to make investors tread with caution.
After India's apex bank slashed key rates on Saturday, domestic bourses continued to gain for the fourth consecutive trading session today. The Sensex soared 549.62 points or 5.62 per cent to 10,337.68 points.
Meanwhile, in another effort to shore up the economy, South Korea announced a fiscal stimulus worth USD 11 billion. The move comes close on the heels of the nation entering into an agreement with the US for currency-swap facility to the tune of USD 30 billion.
Following the announcement, the nation's key Kospi Index climbed 1.44 per cent to close at 1,129.08 points.
On the European front, the region's three benchmark indices -- Dax, London Stock Exchange's FTSE 100 and France's Cac 40 -- were marginally up.
On the other hand, Hong Kong's Hang Seng Index and Singapore's Straits Times Index ended in the green.
Riding on a wave of optimism, benchmark indices of Thailand and Indonesia -- Stock Exchange of ThaiIndex and Jakarta Composite Index -- surged by over seven per cent.
Japanese markets were closed for trading on Monday.
Germany's Dax inched up 0.64 per cent to 5,019.84 points. The nation's leading lender Commerz Bank has said it will tap USD 10.5 billion from the government's stabilisation fund.
Despite the country's insurance giant Societe Generale posting third-quarter profits below expectations, France's Cac 40 rose marginally to 3,492.18 points.
In addition, the UK's FTSE 100 went up 0.52 per cent to 4,400.04 points. On Friday, US benchmark Dow Jones Industrial Average closed at 9,325.01 points, gaining 1.57 per cent.
Two other key indices -- S&P 500 and Nasdaq Composite -- also rose more than one per cent to 968.75 points and 1,720.95 points respectively.
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